Hopes High For Continued Improvement In Property Market

Conveyancing experts have said that new research highlighting growing momentum in the property market is just the latest sign that confidence is on the rise in the sector – and that improvements are set to continue in the near future.

Irwin Mitchell has said that new research from Rightmove, which revealed that prices now stand 1.7 per cent higher in March when compared to the previous month, reflects the positivity seen within its own team and the network of market experts it works with daily.

The figures revealed that the average seller asking price in the UK now stands at £239,710, with a growing belief emerging in price stability and quicker sales emerging on average.

Commenting on the findings, Eve Lake, a conveyancing specialist at Irwin Mitchell’s Sheffield office, said: “The difference in trends compared to the past couple of years is very evident.

“We have spoken to agents who have also certainly seen an upturn in interest – with some reporting a 15 per cent year-on-year increase in sales in recent months. According to our contacts in Sheffield, they are seeing ‘final offers’ placed on at least one house per week.

“We expect that with more homes selling, confidence will grow even further and give a boost to property listings. Small increases in value are likely to be seen over the next 12 months and, with lending becoming more flexible, it is expected that first-time buyers will continue to return to the market.”

Eve added that Rightmove’s figures had also highlighted very good news in relation to the buy-to-let market, with average rental yields of almost six per cent and the prospect of capital growth.

She explained: “Recent Council of Mortgage Lender figures also showed that buy-to-let is an increasingly attractive proposition at this point, with lending in the area being at a four-year high.

“This is clearly a good time for landlords, but we would always urge them to get quality legal advice if they are looking to expand their portfolio.”